ITAT Chandigarh held that addition invoking the deeming provisions of section 69 r.w.s. 115BBE of the Income Tax Act unjustified as nature and source of undisclosed income/ investment duly explained by the assessee.
ITAT Mumbai held that as under distribution segment assessee is purchasing Finished Drug Formulation from its AE for sale in India and under manufacturing segment assessee is transacting with non-AEs, it is fair and reasonable to segregated contract of manufacturing activity and distribution activity. Accordingly, matter remanded.
Madras High Court rules that any order under Sec 144(C)(1) must be a draft assessment; detailed analysis of Ramco Cements Ltd. vs ITO case provided.
Read the detailed analysis of Adani Wilmar’s eligibility for incentives under West Bengal’s industrial scheme post GST, as per Calcutta High Court judgment.
ITAT Pune remands Sanj Sawali Care Foundation’s 80G exemption application to CIT(E) for reevaluation after failure to produce documentary evidence. Details here.
In Brightstar Vincom Pvt Ltd Vs ITO, Kolkata ITAT emphasizes independent inquiry by AO before adding under section 68 of IT Act.
Learn about the DCIT vs Umang Hiralal Thakkar case at ITAT Ahmedabad regarding filing returns under section 139(1) for claiming deduction under section 80IB. Get detailed insights and analysis.
ITAT Mumbai held that assessment order passed without satisfying mandatory provisions of section 92CA and CBDT instruction no. 3 of 2016 is order falling within the meaning of erroneous and prejudicial to the interest of revenue. Hence, revisional jurisdiction u/s. 263 of the Income Tax Act rightly invoked.
ITAT Delhi’s order on Trident Towers Pvt. Ltd vs ACIT addresses the deletion of addition under section 68 of the Income Tax Act, citing submission of requisite documents.
New Delhi ITAT rules that no addition can be made under Sec 69 if the difference in stock found during survey and recorded in books is reconciled. Detailed analysis of Ultimate Creations Vs ACIT.
